Baldwin even grabbed the reporter's microphone and interviewed a passing Tina Fey to ask her about the rumor. "I might come," Fey retorted. "But I ain't hosting."

Baldwin then followed: "See how effectively she lies."

In the meantime, both Fey and Baldwin suggested outrageous Tracy Morgan as a fellow host. “In the year of crazy, dysfunctional African-American dramas, we need Tracy to co-host the Oscars,” Baldwin added.

Fey's denials aside, the fact that Baldwin can ad lib this well on the red carpet bodes well for him on Oscar night. Our anticipation for this show is growing.